Adult Foster Care Homes & Business For Sale
Notice to Buyer Agents (Buy-Side Agents):
Michigan Business Brokers Cooperates with other licensed brokers in the State of Michigan if they are the "Procuring Cause" resulting in a closing. Please contact us for details.
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Confidential Sale. Due to Retirement, I have 2 Adult Foster Care Homes Licensed for 8 each (Total 16) for Sale in S/E Lower Michigan U.S.A.
Both homes are full and profitable.
Price for business and real estate is $695,000 CASH OUT. No seller financing is available. Buyer must be pre-qualified with a bank to finance with a SBA 504 Loan or Conventional Loan/Mortgage or Cash/LOC.
Buyer must also be prepared to transfer license and be willing to go through the licensing process. Current owner will stay on during training and transfer. See link to State of Michigan below. Please read completely to gain understanding of this business.
http://www.michigan.gov/dhs/0,1607,7-124-5455_27716_27717---,00.html
Seller says you are also required to sign a Non-Disclosure Agreement to receive the Confidential Sales Package which includes the pre-title information on the real property and the past 5 years tax returns on the business.
Click Here to open: Non-Disclosure Agreement - PDF
Fill in "Adult Foster Care Homes", Completely Fill Out Rest of Information. Sign & Date.
Along with a Bank Letter of Credit, Please Mail Original Signature NDA To:
Michigan Business Brokers
Attn: Willem van Reesema, M&A Advisor / Associate Broker
118 S. Main St., Suite C
Chelsea, MI 48118-2135
After financially qualifying your ability to purchase the business with the current owner, and showing that you have some form of experience or goal in caring for the elderly, and you must state that you are not a convicted felon or have a past criminal record, I will USPS Mail or PDF email the selling package to your attention. After your review, we can then set up a showing of the real estate properties and business. (We are in the process of getting pre-title commitments from the title insurance agency who will handle the closing)
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For 59 Individual Photographs, see link here.
http://s1106.photobucket.com/albums/h367/michiganbbi/
Slide 59 Picture Slide Show Below.
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Financial Summary from 2005 business tax return.
Note: 2005 was used because it reflects the last year in that both homes were fully operated by owners. The past couple years they only operated one home. They are back to operating both homes and will be reflected in the 2010 business tax returns. 2010 business tax returns expected to show greater financial performance due to increases in revenues.
(Past performance does not guarantee future results)
Total Income................................$510,000
Compensation of Officers..............($37,783)
Salaries and Wages.....................($175,506)
Repairs and Maintenance...............($19,617)
Rents...........................................($62,500)
Taxes & Licenses...........................($23,411)
Interest..........................................($5,409)
Depreciation...................................($5,326)
Advertising....................................($10,752)
Other Deductions.........................($104,052)
Total Deductions..........................($444,356)
Ordinary Business Income..............$66,304
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